SBI NEW CAR LOAN SCHEME

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SBI offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.

Salient features:
  • Lowest Interest Rates & EMI;
  • Longest Repayment Tenure (7 years);
  • Financing on ‘On-Road price':
    • On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
  • Interest calculated on Daily Reducing Balance;
  • No Pre-Payment Penalty or Foreclosure Charges;
  • No Advance EMI;
  • We also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:
    • Car should not be more than 3 month old
  • Optional SBI Life Insurance cover available;
  • Overdraft facility available.
Purpose

For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.

Eligibility

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

Category
Income Criteria
Max. Loan Amount

Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.

Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-

48 times of the Net Monthly Income

Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.

Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)

4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans

Person engaged in agricultural and allied activities.

Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-

3 times of Net Annual Income

Documents Required

You would need to submit the following documents along with the completed application form:

Salaried
Non-Salaried/ Professional/Businessmen
Person engaged in agricultural and allied activities.

Statement of bank account for last 6 months.

Statement of bank account for last 6 months.

Statement of bank account for last 6 months.

2 passport size photographs

2 passport size photographs

2 passport size photographs

Proof of Identity

Proof of Identity

Proof of Identity

Address Proof

Address Proof

Address Proof

Income Proof: Latest Salary Slip, Form 16

Income Proof: ITR for last 2 years 

Direct agricultural activity (crop cultivation):

  • Khasra/Chitta Adangal  (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph.
  • All land should be on free hold basis and ownership proof to be in the name of borrower.

I.T. Returns or Form 16 for the last 2 years.

I.T. Returns or Form 16 for the last 2 years.

Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)

  • Documentary proof of running of the activities to be provided.

 

Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

 

Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

Financing
Net Annual Income upto Rs. 10 lac
Net Annual Income more than Rs. 10 lac

85% of 'On-road Price'

85% of 'On-road Price'

Repayment

You can enjoy the longest repayment period in the industry with us: 84 months.

Interest

Click here to view the interest rates

Processing Fee

Click here to view the Processing Fee

Security

As per Bank's extant instructions.